AT Christmas we all tend to spend more than we should. If your balance has gone further than you planned transfer it to a new one with a preferential interest rate.

Look at the low introductory rates on the market, but check, too, how long the rate applies for and whether this low rate applies to balance transfers, new purchases or both.

For example, by switching a typical balance of é2,000 on a credit card charging 17.9 per cent to one with an introductory rate of zero per cent for six months and 14.9 per cent after that, you could save a whopping é262.38.

Regardless of whether you decide to transfer your credit balances, it would be a good idea to obtain a new credit card to use solely for Internet transactions, says Adrian Shandley, of Premier Wealth Management.

"You could arrange a credit card with a provider such as Egg, that has a very low credit limit. That way, any fraud that may occur on your credit card would be limited because the actual credit limit would be low."

If you religiously pay off the balance every month, ignore the exhortations to switch cards. Too many credit card applications could impact on your credit rating.